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Terra’s UST grown into one of the largest decentralized stablecoins.
The UST stablecoin has now dislodged Maker's DAI to become the 4th largest stablecoin with a market capitalization of over $9.2 billion surpassing DAI's $9 billion.
UST was introduced in September 2020 as part of Terra, a layer 1 smart contract-enabled network built using the Cosmos software developer kit.